Dimensional Fund Advisors Reports 5.2% Passive Stake In Shenandoah Telecommunications
A Schedule 13G lists 2,868,476 common shares held by Dimensional's funds, with a certification that no control push is intended.
Dimensional Fund Advisors LP reported a 5.2% stake in Shenandoah Telecommunications, or 2,868,476 common shares, in a Schedule 13G filed Thursday. The form is a passive ownership disclosure, and the event date it gives is September 30.
What the 13G says
The filing gives Dimensional sole voting power over 2,818,235 shares and no shared voting power. The reporting person is listed as a registered investment adviser based in Austin, Texas.
The filing says the shares are owned by the funds Dimensional advises or manages, which include four registered investment companies plus commingled funds, group trusts and separate accounts. Dimensional disclaims beneficial ownership of the securities. To its knowledge, no single fund holds more than 5% of the class.
In the certification, Dimensional states the shares were acquired and are held in the ordinary course of business. They were not acquired, it says, to change or influence control of the issuer.
What it changes
Little changes in how the company is run. The form is the passive type, and the certification rules out a control purpose. What it records is that an adviser's funds together now sit above the 5% reporting line.
In Thursday trading, as of 2:39 p.m. ET, Shentel shares were at $11.37, down about 4% from the prior close of $11.83, for a market value of $655 million. The filing does not tie the stake to that move.
Shentel, based in Edinburg, Virginia, said Tuesday it finished fiber-to-the-home upgrades in Buchanan, Virginia. The all-fiber network there reaches about 1,000 homes and businesses in Buchanan and Botetourt County.
The 13G lists September 30 as the event date and Thursday as the filing date, so the stake was crossed before it was disclosed.
